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Overview
As the monetary policies of the ECB and BOE continue to diverge with GBP facing an imminent rate hike, and the EUR having just experience a rate cut, the outlook on this pair is bearish.
In the past month, we have seen a 3 wave correction occur, after a big move to the downside. The pair has broken to new lows and it can be assumed a new leg in the downtrend is in progress
Levels
0.7874 - Daily breakout point (low of last major leg down)
0.7757 - Weekly Support level
0.7480/0.7500 …
As the monetary policies of the ECB and BOE continue to diverge with GBP facing an imminent rate hike, and the EUR having just experience a rate cut, the outlook on this pair is bearish.
In the past month, we have seen a 3 wave correction occur, after a big move to the downside. The pair has broken to new lows and it can be assumed a new leg in the downtrend is in progress
Levels
0.7874 - Daily breakout point (low of last major leg down)
0.7757 - Weekly Support level
0.7480/0.7500 …